Kotak Mahindra eyes 25-30% revenue from cards biz in 2 yrs

Published: Tuesday, February 22, 2011, 20:45 [IST]

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Mumbai, Feb 22 (PTI) Kotak Mahindra Bank, that enteredthe credit card business in 2007 as part of its retailexpansion, expects the portfolio to contribute around 25-30per cent to the overall income in the next two years, a topexecutive of the private lender said today.

At present, the credit card business contributes about15 per cent of the bank''s total income and operates from 12major cities, where it has a presence.

"We are quite bullish about the retail business,especially the credit card portfolio. We expect the divisionto contribute around 25-30 per cent to the total earnings inthe next 2-3 years," Kotak Mahindra Group Head (RetailLiabilities